18,702 Rhythm Pharmaceuticals, Inc. $RYTM Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 976,487 shares of the company’s stock after acquiring an additional 18,702 shares during the quarter. Pictet Asset Management Holding SA owned 1.42% of Rhythm Pharmaceuticals worth $93,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Orbimed Advisors LLC lifted its position in Rhythm Pharmaceuticals by 31.0% during the first quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock valued at $27,317,000 after purchasing an additional 74,300 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of Rhythm Pharmaceuticals by 60.8% in the 2nd quarter. Squarepoint Ops LLC now owns 422,921 shares of the company’s stock worth $46,957,000 after buying an additional 159,953 shares during the last quarter. Nan Fung Group Holdings Ltd bought a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $5,453,794. Blue Owl Capital Holdings LP purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at $6,823,000. Finally, Braidwell LP raised its position in shares of Rhythm Pharmaceuticals by 22.7% during the 2nd quarter. Braidwell LP now owns 381,128 shares of the company’s stock valued at $42,317,000 after buying an additional 70,500 shares in the last quarter.

Insider Transactions at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 57,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $116.15, for a total value of $6,620,550.00. Following the transaction, the executive vice president owned 55,655 shares in the company, valued at $6,464,328.25. The trade was a 50.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $117.57, for a total transaction of $912,695.91. Following the completion of the transaction, the insider owned 2,295 shares in the company, valued at approximately $269,823.15. The trade was a 77.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 258,450 shares of company stock worth $28,796,497 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Rhythm Pharmaceuticals stock opened at $113.94 on Tuesday. The firm has a fifty day simple moving average of $96.29 and a two-hundred day simple moving average of $97.29. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.10. The firm had revenue of $92.13 million for the quarter, compared to analysts’ expectations of $85.56 million. Rhythm Pharmaceuticals had a negative return on equity of 171.16% and a negative net margin of 69.03%. The company’s revenue for the quarter was up 79.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.82) earnings per share. As a group, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.24 EPS for the current year.

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $154.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft began coverage on Rhythm Pharmaceuticals in a research note on Friday, August 28th. They issued a “hold” rating and a $120.00 target price on the stock. National Bank Financial set a $160.00 price target on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. William Blair started coverage on Rhythm Pharmaceuticals in a research note on Friday, October 16th. They set an “outperform” rating for the company. Finally, Citizens Jmp lifted their price target on Rhythm Pharmaceuticals from $160.00 to $166.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 4th. Eighteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $142.00.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing treatments for rare genetic diseases of obesity. The company is headquartered in Boston, Massachusetts, and its work centers on the melanocortin-4 receptor pathway, which helps regulate hunger and energy balance.

Its commercial product, IMCIVREE (setmelanotide), is approved in the United States and Europe for certain forms of genetically defined obesity, including obesity associated with Bardet-Biedl syndrome and specific gene deficiencies.